Compass Expands To Indiana

Rhea-AI Summary

Compass (NYSE: COMP) has officially expanded into Indianapolis, welcoming 23 top agents who contributed over $160 million in sales volume in 2020. Key agents joining include Carrie Holle from The Carrie Holle Group, as well as Greg Cooper and Lisa Phillips from The Cooper Group. Compass reported a significant 80% increase in revenue for Q1 2021, totaling $1.1 billion, outpacing the market's 14% growth rate with a 67% increase in total transactions. This expansion strengthens Compass' presence in the Midwest and enhances its referral network.

Positive

• Successfully entering the Indianapolis market with 23 top agents.
• Gained agents representing over $160 million in sales volume from 2020.
• Q1 2021 revenue rose to $1.1 billion, an 80% increase from Q1 2020.
• Total transactions grew by 67%, outpacing the market growth of 14%.

Negative

• None.

NEW YORK, July 15, 2021 /PRNewswire/ -- Compass, Inc. (NYSE: COMP), a leading real estate technology company, today announced its expansion to Indianapolis. The company welcomes 23 top agents representing more than $160 million in 2020 sales volume. Principal agents joining Compass in Indianapolis include: Carrie Holle of The Carrie Holle Group, Greg Cooper and Lisa Phillips of The Cooper Group, Mike Feldman of Bond Real Estate, Erin Hundley, Ben Jones of The Jones Team, and Stacey Sobczak.

"We're thrilled to launch in Indiana with such a high-esteemed group of Founding Agents," said Rachael Rohn, Compass Regional President. "The market-leading agents joining Compass in Indianapolis are known for their exceptional client service, and we can't wait to supercharge their businesses with Compass' proprietary technology and programming. Our continued growth throughout the Midwest region will provide Compass agents with an expanding referral network."

Compass helps agents grow their businesses, serve more clients, save time, and stand out as valued, trusted and professional advisors in their markets. During the first quarter of 2021 Compass had revenue of $1.1 billion, an 80% increase from Q1 2020. While the U.S. residential real estate market grew transactions by 14% in Q1, Compass grew Total Transactions by 67%.¹

Carrie Holle brings her team of seven agents to Compass, representing $65 million in 2020 sales volume. The Carrie Holle Group runs one of the highest-producing teams in the metropolitan-Indianapolis area, specializing in the luxury market for both buyers and sellers.

"I have been watching Compass' growth and evolution, and have been impressed with their innovation and forward-thinking approach," said Carrie Holle, Compass Agent, Indianapolis. "After seeing their agent-centric offering first-hand, I knew they had everything I was searching for in a brokerage: unparalleled technology, beautiful marketing, incredible support and services, and the dream team of innovators and executives. Compass will enable me to grow my luxury business in a way I wouldn't be able to anywhere else."

Other agents joining Compass in Indianapolis released the following statements:

• "We came to Compass to join the most elite group of brokers in the country. They have technology that's unparalleled, support of their clients that is unmatched and innovation that leads the industry. Compass is the real estate brokerage of the future." — Greg Cooper, Compass Agent, Indianapolis
• "Compass was the missing puzzle piece that will help take my business to the next level. Every brokerage says they have great support, branding and marketing but none of them aligned with the sophisticated and luxurious image that I was striving for. I'm thrilled and honored to be partnered with a company that is singlehandedly changing the real estate industry for both agents and clients alike." — Mike Feldman, Compass Agent, Indianapolis
• "We were blown away by the technology platform that Compass provides its agents, as efficiency and ease-of-use for our systems is a top priority. We definitely have a high expectation on design and overall branding and are excited that Compass aligns with the style and vision we have for our business. We are proud and excited to be Founding Agents in Indianapolis and look forward to having an impact on Compass' expansion into the market." — Erin Hundley, Compass Agent, Indianapolis
• "Compass is a tech-forward and agent-centric company that puts the agent in the best position possible to serve, work with, and provide the best outcomes to their clients. I'm excited to be a part of the Compass Indy growth from the start." — Ben Jones, Compass Agent, Indianapolis
• "I'm thrilled to have this awesome opportunity with Compass and honored to be one of the Founding Agents in Indiana. This will offer my clients the newest technology, tools and marketing available and will enable me to provide superior service to my clients in the luxury market. Networking with Compass' top agents in other leading markets across the country will also help to further broaden our services." — Stacey Sobczak, Compass Agent, Indianapolis

Compass also welcomes Michelle Powell as Broker of Record for Indiana. Michelle brings nearly two decades of operational and real estate experience.

Compass is home to nearly 21,000 agents operating in over 50 markets in the U.S. In 2020, Compass agents assisted home sellers and buyers to transact approximately $152 billion in residential real estate. With 4% of the U.S. market, Compass is the largest independent real estate brokerage by Gross Transaction Value.²

About Compass
Founded in 2012, Compass is a leading real estate technology company, providing an end-to-end platform that empowers its residential real estate agents to deliver exceptional service to seller and buyer clients. The platform includes an integrated suite of cloud-based software for customer relationship management, marketing, client service, brokerage services and other critical functionality, all custom-built for the real estate industry. Compass agents utilize the platform to grow their business, save time and manage their business more effectively. For more information on how Compass empowers real estate agents, one of the largest groups of small business owners in the country, please visit www.Compass.com.

Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Compass' current perspective on existing trends and information as of the date of this release. Statements containing words such as "could," "believe," "expect," "intend," "will," or similar expressions constitute forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from Compass' current expectations depending upon a number of factors affecting Compass' business, including, but not limited to, expansion into new markets, prevailing market conditions, the impact of general economic, industry or political conditions in the United States or internationally, and risks related to the impact of the COVID-19 pandemic. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For information about other potential factors that could affect Compass' business and financial results, please review the "Risk Factors" described in Compass' Form 10-Q for the quarter ended March 31, 2021 filed with the Securities and Exchange Commission (the "SEC") on May 13, 2021, and Compass' other filings with the SEC. Except as may be required by law, Compass undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.

¹ We calculate Total Transactions by taking the sum of all transactions closed on the Compass platform in which our agent represented the buyer or seller in the purchase or sale of a home (excluding rental transactions). We include a single transaction twice when one or more Compass agents represent both the buyer and seller in any given transaction. 14% figure based on NAR data as of March 2021.
² Gross Transaction Value is the sum of all closing sale prices for homes transacted by agents on the Compass platform (excluding rental transactions). We include the value of a single transaction twice when our agents serve both the home buyer and home seller in the transaction.

 

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SOURCE Compass

FAQ

What recent expansion did Compass announce?

Compass announced its expansion into Indianapolis on July 15, 2021.

How many agents joined Compass in Indianapolis?

Compass welcomed 23 top agents in its Indianapolis expansion.

What was Compass's revenue for Q1 2021?

Compass reported revenue of $1.1 billion for Q1 2021, an 80% increase from the previous year.

What was the sales volume of agents joining Compass?

The agents joining Compass in Indianapolis represented over $160 million in 2020 sales volume.

How much did Compass's total transactions grow in Q1 2021?

Compass's total transactions grew by 67% in Q1 2021.